21 Jan Energy newstrack, commentary and analysis | OPEC basket @ $62.72/bbl
(Oilandgaspress) Crude oil prices in 2026 expected to remain in the lower range of 2025’s prices of between $55 – $60/ barrel. The EIA and IEA, are reportedly forcasting an average of $55/barrel while the market, as reported by Reuters suggest expect an average of $61 per barrel.
Oil Prices Today
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $59.89 | Down |
| Crude Oil (Brent) | USD/bbl | $64.40 | Down |
| Bonny Light 19/01/26 CBN | USD/bbl | $67.84 | — |
| Dubai | USD/bbl | $61.79 | Up |
| Natural Gas | USD/MMBtu | $4.62 | Up |
| Murban | USD/bbl | $65.51 | Down |
| OPEC basket 20/01/26 OPEC | USD/bbl | $62.72 | Up |
| At press time January 21, 2026 |
The European Parliament is reportedly planning to suspend approval of the US trade deal agreed in July, according to sources close to its international trade committee. The suspension is set to be announced in Strasbourg, France on Wednesday. The move would mark another escalation in tensions between the US and Europe, as Donald Trump ratchets up his efforts to acquire Greenland, threatening new tariffs over the issue on the weekend.
The stand-off has rattled financial markets, reviving talk of a trade war and the possibility of retaliation against the US for its trade measures. . Related News
UK Households will be eligible for thousands of pounds’ worth of solar panels and other green tech to lower their energy bills, the government has announced. The long-awaited Warm Homes Plan promises to provide £15bn to households across the UK over the next five years, as well as introducing new rights for renters. The government has said it wants to create a “rooftop revolution”, tripling the number of homes with solar, and lifting one million people out of fuel poverty.
The plan has been strongly welcomed by the energy and finance industry, but the Conservative Party said the scheme will “saddle households with high ongoing running costs”. . Related News
Trade tensions and a reversal in the artificial intelligence (AI) boom are among the main risks to global economic growth, the International Monetary Fund (IMF) has warned. Its comments came in its latest world economic outlook, where it described the global economy as “steady”, with growth expected to remain “resilient” this year.
The IMF’s forecast was produced ahead of Donald Trump’s threat at the weekend to impose tariffs on eight European countries opposed to his proposed takeover of Greenland. The fund also said the independence of central banks was “paramount” for global economic stability and growth. Related News
2026 will be pivotal for Saudi Arabia. The country is well placed to move beyond the favorable tailwinds of 2022–2024— when high oil prices and reform implementation facilitated the acceleration of Saudi Vision 2030-related spending—into a more challenging environment characterized by lower oil prices and rising financing needs. At the same time, Saudi Arabia is strategically shifting some of its spending priorities , with some of its investment focus moving toward AI and advanced technologies as part of its broader effort to diversify the economy.
The resilience shown in 2025 underscores the progress already achieved in reducing the economy’s exposure to oil fluctuations. Despite oil prices falling nearly 30 percent below their 2022 peak, the non-oil economy maintained strong momentum. This strength reflects the impact of Saudi Vision 2030 reforms—diversification gaps with emerging markets have narrowed, and the business environment now rivals that of advanced economies. Importantly, growth has been fueled not only by investment, but also by people: private sector job creation has surged, particularly among women, and unemployment rates reached record-lows. Continued efforts, however, remain essential to close the remaining gaps with advanced economies and keep the transformation on track. Related News
According to the upstream regulator, NUPRC, Nigeria’s crude oil and condensate production averaged 1.64 million barrels per day for most of 2025, a 6% increase from 1.58mmbopd recorded in 2024. A 6% annual growth is an outlier amongst peer oil-producing countries because the typical growth rate is between 1-3% for countries that manage to increase production.
Nigeria’s outlier performance can be attributed to asset restoration efforts, better operating climate, performance of NNPC E & P Limited and the settling in of the successors of SPDC and Exxon in the onshore/shallow water fields.
What does this forebode for 2026? The clue is in the 2026 – 2028 MTEF document approved by FEC in December 2025, where a benchmark and target production of 1.8 mmbbls/day and 2.06mmbls/day, respectively, were established. The benchmark has been very moderate compared to earlier years, but still anticipates a ~10% production growth, which is still quite an elevated target. The industry is in an excited state – rig count is at the highest, service firms are busy, Original Equipment Manufacturers are fully booked, and with 79 Field Development Plans (FDPs) approved by the regulator in 2024/2025, production will be on the incline baring any significant social headwind. It is, however, important to manage expectations about a big upswing, but rather expect a smooth but steady uphill ride… Related News
Tokyo Electric Power, opens new tab on Wednesday restarted a reactor at the Kashiwazaki-Kariwa nuclear power plant after inspections were completed, its first such move since the Fukushima disaster in 2011. TEPCO put online the 1.36 gigawatt (GW) reactor No. 6, one of seven at Kashiwazaki-Kariwa, the world’s biggest nuclear power station capable of producing 8.2 GW of electricity when at full capacity. Related Report
In 2025, ORLEN further consolidated its position in small-scale LNG supplies, delivering more than 245 thousand tonnes of liquefied natural gas to customers. This volume would be sufficient to supply all households in cities with populations of about 200 thousand for almost five years. The LNG was sourced primarily from the Świnoujście terminal, as well as from the small-scale LNG reloading facility at the Klaipėda terminal and the Group’s own production assets. Transported by road tankers, the fuel is supplied to various customers, including private consumers and businesses in areas with limited access to the national gas grid…Related News
ORLEN Upstream Norway has been offered stakes in six new exploration and production licenses by the Norwegian Ministry of Energy, following the APA 2025 licensing round. One of these licenses could be a game-changer, unlocking new opportunities for gas production in Norway…Related News
During the period from 12 to 16 January 2026, Eni acquired on the Euronext Milan no. 2,446,380 shares (equal to 0.08% of the share capital), at a weighted average price per share equal to 16.3507 euro, for a total consideration of 39,999,993.86 euro within the treasury shares program approved by the Shareholders’ Meeting on 14 May 2025, previously subject to disclosure in accordance with applicable legislation. Related News
DEWALT has partnered with August Robotics to launch what it calls the world’s first fleet-capable robot designed for downward concrete drilling, a move aimed squarely at speeding up data center construction as global demand for AI infrastructure surges. The robotic system, unveiled by the Stanley Black & Decker-owned brand, automates one of the most labor-intensive stages of data center builds: drilling thousands of precision holes used to anchor server racks and support overhead mechanical, electrical, and plumbing systems. Related News
Covestro and Rondo Energy celebrated the groundbreaking for an innovative heat battery at Covestro’s Brunsbüttel site. The Rondo Heat Battery charges when there is a surplus of low-price renewable energy in the grid, stores that energy in bricks, and delivers continuous high-temperature steam for on-site production processes. This offers a sustainable alternative to steam generation using fossil fuels, which are used in continuously running industrial processes, as the available amount of renewable energy at affordable prices fluctuates.
For Schleswig-Holstein, the project represents an important step on the path to climate-neutral transformation of the state. The 100 MWh Rondo Heat Battery (RHB) is scheduled to go into operation by the end of 2026. Related News
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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